Kanye West’s lawyers sent a letter to clothing chain Gap (GPS.N) on Thursday, informing them that rapper and fashion designer Kanye West is ending his partnership with the company, under contract. He said he had not fulfilled his obligations.
Gap violated its agreement with West by not selling Yeezy Gap-branded products in its brick-and-mortar stores or opening stores dedicated to the brand, according to a letter seen by Reuters.
The company may sell her existing Yeezy Gap stake until the sale period, the letter said. Parent company Banana Republic shares fell 3.6 percent on Thursday.
Gap declined to comment for this story. West, known as Ye, signed a 10-year deal with Gap in 2020 to create an apparel line under the Yeezy Gap brand. The line’s first product, a blue down jacket, sold out within hours of its June 2021 launch.
“Gap gave [Kanye] no choice but to terminate his contract…you move forward quickly now to make up for the time lost in opening Yeezy retail stores,” said West. Attorney Nicholas Grabante Jr. said.
However, Gap Brands president and CEO Mark Breitbard said in an internal memo obtained by Reuters that the company is ending its partnership with Kanye. The relationship between West and Gap has become increasingly strained lately.Earlier this month, West threatened to let go of the brand.
Global Data CEO Neil Sanders said: “Kanye’s decision… will be a blow to brands that hoped to rest their hopes on Kanye’s magic and rekindle interest in a struggling business.” Told.
Gap has struggled to secure profits and generate revenue, blaming the Old Navy brand for inflation and outdated styles.
